Why Are Americans Unhappy About the ‘Thriving’ Economy? — 5 Reasons Behind the Economic Gloom

Adam Palasciano ^ | Jan 20, 2024 | Adam Palasciano

[where's_the_Outrage?]

ith the economy apparently on the up and up post-pandemic, some Americans find themselves unhappy with the current state of affairs.

The Financial Times reported that only 14% of American voters believe they are better off financially now than when Joe Biden took office, according to a recent poll. At the same time, nearly 70% of voters thought Biden’s economic policies had either hurt the U.S. economy or had no impact. Just 26% of respondents said his policies had helped.

Despite these views, the unemployment rate was recently as low as 3.9%, wage inequality has decreased over the past three years, more jobs are being added to the economy at a record pace, and wages adjusted for inflation have finally surpassed pre-pandemic levels. So, the question remains: Why do some many Americans feel gloomy about a positive economy?

Housing costs are extremely high:

Inflation is still rampant:

People need to adjust from rapid economic change:

There are high expectations:

The media hypes up bad news:

[38special]

I’m dreading my homeowners insurance renewal that is coming

[yesthatjallen]

I’m reminded why I’m “Unhappy About the ‘Thriving’ Economy” every time I go grocery shopping.

[Sequoyah101]

Well, I bought groceries yesterday for the first time in a long time bc the wife is sick. Shocked is not an adequate word to describe my feelings about prices. I got out for $75, she is on a health kick again so mostly fresh vegetables, OJ, yogurt and such, no protein at all. This money is going somewhere. NO wonder the upper crust have gained 40% on their wealth in the last year or two. People I saw at the store just looked resigned to fate and numb.

Meanwhile, we mortals in the retail investing scheme have taken at least a 25% haircut to inflation alone IF, and that is a big IF, we have finally caught up to where we were two years ago. If you had any bonds you took a bath you will not recover from there any time soon if at all.

In my tour of the grocery store I noted significant emptiness of shelves. I also noticed a lot of full and dusty shelves of high value items, they clearly are not moving.

Cars are another dismal item that have sky rocketed in price. Ditto but more so medical care... if you can even get it in a reasonable time of less than a month or two and then there is the quality issue because it is a crap shoot at best if you survive your care.

[ro_dreaming]

The media hypes up bad news:

Only when a Republican is in the white house.
When a Democrat is in the white house, it’s silent on any and all negative/bad news. Or if it HAS to report on it, it’s the previous Republican (no matter how long ago it was) that is the cause/at fault.

[ro_dreaming]

Ironically, my husband and I are earning more now than ever but inflation is just killing us. Groceries, gas, utilities, etc. are way up.

I’m the same way - I’m making more now than I ever have. But every day bills, on top of the emergencies (car breaks down, dishwasher just died, 22 year old daughter is pregnant, etc.) is taking all of it, and more.

[twyn1]

Same for us — we were quite comfortable, taking nice vacations on a whim and comfortable with savings & retirement plans. Now we are paycheck to paycheck and concerned — the whole extended family is struggling (young and old, including one Federal employee).

Groceries (standard, not luxury) for our immediate family of 6 are easily over $1500 a month, prescriptions (including EpiPens and leukemia meds) are insane, property & school taxes are up by hundreds, utility fees for electric, natural gas, water, sewer all took huge jumps & filling the car is ridiculous here ... with a high state tax added to the pain.

The “thriving economy” is BS, and we all know it!

[TigersEye]

I don’t think there is any doubt that the FedMob and the Mockingbird Media are gaslighting about the economy.

[TigersEye]

I couldn’t agree more!

[TigersEye]

Yep, I’m hanging in there for now but I’m in no position to take any big hits or even much more erosion of my finances.

[drwoof]

A metric we can all relate to. I’ve got a few indicators, the price of Campbell’s Tomato Soup at my local big name grocer being one. Cheaper, of course, elsewhere, but a good metric nonetheless (?), I think.